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It seems like our economy just keeps getting worse and worse. Every time you turn on the news, or go to a news site online, the majority of the stories are about the various ways our economy is continuing its downward spiral. You can find plenty about Obama's economic stimulus plan, foreclosures and the abysmal state of the housing market, the rise in unemployment, Bernie Madoff's victims, and more...but, what I want to know is something the media hasn't been covering: How has our bad economy been affecting Generation Y?
Personally, there are two major ways that I have felt the economy's effects. Along with thousands of others, I was blessed to be a 2008 college grad, and thrown into one of the worst job markets in years. I applied to over 80 jobs before I was lucky enough to get this one. Difficult though that was, I do certainly count myself among the fortunate, as a growing number of people I know are losing their jobs. Also, our house is on the market, and though we had a decent amount of interest towards the beginning, visits have decreased drastically of late.
Though I could certainly go on and guess about the many ways the economy has affected Gen Yers, I'd rather hear from you.
How has the economy affected you and/or your friends or family? Are you jobless, or did it take you forever to find your current job? Have you had to make major sacrifices because of the state of our economy? Does Gen Y have a story to share that the news outlets are overlooking?
A lot of grads, regardless of the economy, have applied to just as many jobs. I think if you look at the news and such, you're always going to hear the worst stories--and they can be slanted depending on which outlet you watch. I always advise grads not to pay attention to the economy and continue with creating a strong job candidate foundation. So many people are distracted from putting positive energy into promoting themselves and sucked into all the doom-and-gloom!
Best of luck!
Best thing to do is definitely tune out the news and look around. People are still spending money. Starbucks is still full of people buying the $4 lattes that all the personal finance gurus say you should save money on.
The job market is tougher, but not impossible. My company cut 20% in November, including my entire team, but most of my fallen comrades are back in jobs somewhere else now. For me personally, I think it was a blessing in disguise as it helped force the decision to get out of a job that I was increasingly unhappy in.
The time between jobs is always the best time to re-evaluate your life, refine your goals, and pursue interests that help you grow as a person.
It took me over a year, and hundreds of applications, to find my current job. Was it worth it? Totally. Could I have accepted something less perfect and spent less time searching? Of course.
What Gen Y needs to realize is that this is a huge opportunity for us. If you have a somewhat stable job, you will probably end up with more visibility and responsibility at your company. It's also the best time to SPEND money in a carefully planned way, whether its buying a house or taking up an expensive hobby. We will probably never again see things so cheap. Why not take advantage?
That isn't to say that I'm not sympathetic to people who are having a rough time. But just because other people are suffering doesn't mean you shouldn't watch out for yourself.
I wrote about this exact topic on my blog today. Telling my story of how I graduated, went on the job hunt, got rejected countless numbers of times, and finally found a place that hired me. This was last May, and times are only more difficult now. I would just suggest to folks to remain optimistic and maintain your sense of self - don't turn into someone you're not just to land a job. Be proactive, be persistent, and don't give up. For the 80 'no's' you might have dealt to you, you'll get you're one 'yes'.
And, I would recommend everyone read my post on this 'Your Recession Aint Got Nothing On Me' for some insight into my PERSONAL experiences.
Oddly enough this recession has had a pretty positive affect on my small family. I got 2 raises at my job and I'm expecting another kid. I'm scared to death when I think of the time off I'll have to take which will mean less income but right now my fiance and I are stashing away all that we can just to cover ourselves. We've been spending our income tax wisely and we're moving to a cheaper area so that we can continue to cut costs. I have always been pretty cost conscience but this economy has further solidified my need to be. Maybe it will rub off on others.
Wow, it amazes me and makes me happy to see how all the commenters on this post have expressed optimism and positive experiences. Everyone who has commented seems to realize that even though things are bad, we can't let this get us down. We have to keep it moving and stay positive, looking towards the future and trying our hardest to get our dream job. It makes me proud and gives me hope to see everyone being hopeful rather than reporting all the negative effects of the recession. It's going to be hard to get a job, sure, but people need to look past that and try even harder - it'll work out eventually.
I'm still an undergraduate so I don't have much to say about job hunting yet. But this inspires me and makes me hope that when I'm graduating next year, I hopefully will have a positive experience and find a job I like as well.
@Akhila,
One of my favorite quotes is, "The way you perceive the world is all in your imagination anyway, so you might as well imagine it good." And relatedly, "Whether you think something is good or bad, either way you are right." I think there's a lot of wisdom in there about outlook on life.
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